Iberdrola has announced plans to invest more than $1.2bn (€1bn) in the first industrial scale floating offshore wind farm project in Spain. The wind farm will have a capacity of 300MW

In a statement, Iberdrola said that the project will spearhead the development of up to 2GW of floating offshore wind projects identified by the company off the coasts of Galicia, Andalusia and the Canary Islands.

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An Iberdrola spokesperson said: “The renewable facility would become a driver of the country’s industrialisation and job creation. The study, design and engineering could begin this year and it could generate more than 2,800 jobs per year until it becomes operational in 2026.

“The scheme would require the participation of 66 Spanish companies and technology centres, including 52 SMEs. In the short term, the initiative could generate between 1,000 and 2,000 jobs during 2021-2022, before the start of the construction phase.”

The company estimates that the initiative would mobilise investments of €21bn and involve several small and medium-sized enterprises. The project will offset approximately 202,500t of carbon emissions annually.

Iberdrola has submitted the plans to the Next Generation EU programme. It is one of 150 initiatives submitted to the programme in the fields of heat electrification, floating offshore, sustainable mobility, green hydrogen, innovative renewables, smart grids, circular economy and energy storage.

Additionally, these projects would create 45,000 jobs annually, while generating an economic growth of more than 1.5% of GDP.

A company statement says the project is in line with the pillars of the Spanish government’s Recovery, Transformation and Resilience Plan.